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Question: Are you going into debt to pay for your wedding?



« Created by: alg on: Jul 16th, 2009, 9:13am »

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champagnediamond
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Going into debt for a wedding?
Jul 14th, 2009, 11:06am
 
It's a recession... is that an excuse to go cheap? We aren't dripping with cash but both own homes (his is mortgage free). In as much as I want a 'perfect' wedding, I am uncomfortable with idea of clocking up thousands in debt just for a party.

How much should we just charge to visa, and how much should I lower expectations of the day?

Is there an answer?

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mrs dinkee
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Re: Going into debt for a wedding?
Reply #1 - Jul 14th, 2009, 11:17am
 
I guess its is all personal choice.  We have budgeted everything out, although there are certain elements that we won't have as much control over as we'd like to, such as the caterers' meal charges increasing between now and the wedding day (which has happened to a few of my friends), and the final alcohol bill at the reception.  We won't put a certain bar tab on, but just hope that it is around what I have budgeted!  We won't be going into debt unless something like that happens, but then its only (hopefully) going to be a grand or two on the MasterCard!  We're not having a honeymoon right after our wedding, but waiting 11months, so perhaps that helps too.
Definitely not putting it on the mortgage as I'd hate to figure out how much extra we'd end up paying for our wedding with the interest added on!  Eek!

I understand that for some couples, debt is the only way to get the wedding you want, but personally I'd prefer to wait another year and save the money myself if at all possible Smiley  or scale back the details/plans/guest list/honeymoon/etc...
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2009-Bride
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Re: Going into debt for a wedding?
Reply #2 - Jul 14th, 2009, 11:18am
 
I personally wouldn't do it (go into debt with a high interest rate). My parents and hubbys paid for the majoirty of our wedding so it wasn't a difficult choice for us. Had they not paid for it though we wouldn't even be close to getting married yet - and I would have been fine with it (The wedding would have of course been on a smaller scale and we would have cut back in several places). We came back from honeymoon with $1K on the credit card and I didn't even like that, it's hard enough trying to pay back $1K let alone $10K+. We have a mortgage so I'd rather put that $10K on the mortgage than towards wedding debt with a high interest rate.

Only you really know the answer to your own question, we all have different view points and opinions towards what we'd do
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Mrs E
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Re: Going into debt for a wedding?
Reply #3 - Jul 14th, 2009, 11:20am
 
Would you really want to start married life with a debt (a mortgage is totally different of course) ... just for a party?

The most special, magical and heartfelt weddings are done on a shoestring. Massive budget does not = great party.

Just my 2c.
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tinkermybelle
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Re: Going into debt for a wedding?
Reply #4 - Jul 14th, 2009, 11:20am
 
You really just have to decide what would make your perfect day? We went cheap, but had to get a loan (300 guests). But now that we did go cheap I kinda regret it. There are things I wish we hadn't skimped on cos the day only happens once.

Put every cost down on paper and see where you can cut costs. And if you can't afford what you want, I suggest to save, it's not the nicest feeling to be paying off a debt after the party's been.

Hope that's some help Wink
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Anita84
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Re: Going into debt for a wedding?
Reply #5 - Jul 14th, 2009, 11:21am
 
We are not going in to debt on our wedding - but we are however for our honeymoon
We are going to take a loan against our mortgage to fund our trip to Africa.  At first we were a bit uneasy about that but we both figured that once the wedding and stuff is finished we should be able to pay it off relatively fast.  
Also we dont know when else we will get the opportunity to do something like this Grin
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MyBess
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Re: Going into debt for a wedding?
Reply #6 - Jul 14th, 2009, 11:34am
 
No way, we are not getting in to debt for our wedding.  Will will pay for half and our parents will pay the other half.   We have saved up for it, every cent.  We want to move forward after our wedding, pay off a chunk of our (brand new) mortgage and get some money behind us for when we have kids.  I'd hate to have to spend the next two years paying off our wedding!  Its a special day but you have to keep it in perspective I think.
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Re: Going into debt for a wedding?
Reply #7 - Jul 14th, 2009, 11:34am
 
My husband and I are both uni students and so we really had to think hard about the wedding and money.  We got married as I have been through some radioactive treatment and sometimes you gotta think with your heart instead of your head. My head said "wait till we both graduate in a few years"  my heart said "I haven't been well, how sad would it be if I ipassed on and we were only engaged not married??" so it was a mutual choice to marry even though we are uni students.  So after that it was a matter of looking at everything a wedding entails, shoes, dress, makeup, hair, venue, guests, invites, photog ect and HONESTLY rate them in order of importance in regards to how much you are going to budget towards them.  Our wedding cost under 10k and that included a tailor made suit for my husband and a tailor made dress for me.  You just have to be more clever, it is the recession, that is the reality.  After the wonderful DAY you don't want to be stressing about bills, there will be other stresses to confront.  We were honestly surprised that we did not get a personal loan though I have a good credit rating and could have, it never crossed our mind.  We just got part time jobs while full time at our law study and worked really really hard.  Also that idea of waitng for the honeymoon is a great idea! We had a small one, but in about a years time we may go on a longer one, gives us time to save up and see what the economy is like then.  We have come off our wedding with money to spare and no bills, and THAT is the best present you could give to each other.  This is just my 2 cents, all the best in plannng babe, and a good question you posed too!!!   Bronie
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Re: Going into debt for a wedding?
Reply #8 - Jul 14th, 2009, 12:24pm
 
This is quite subtle, so apologies if you don't pick up on what I'm trying to say.

DO NOT GO INTO DEBT FOR YOUR WEDDING

IT IS RIDICULOUS TO DO SO

On so many levels! The interest you'll accrue on the debt (depending on the size) will be huge, especially at present. I advise that you go to sorted.org.

If you get a $10,000 loan @ 18% interest and pay it back within a year, you will have to pay back $211 a week, and at the end, you will have paid $961 in interest.

Use your head.

Budget! A wedding doesn't have to cost a lot to be amazing! There are loads of options to cut back on costs.
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Jasper
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Re: Going into debt for a wedding?
Reply #9 - Jul 14th, 2009, 1:16pm
 
We sat down and did a budget of what we wanted ideally, then our parents told us what they would contribute and then we worked out what else there was to pay for and if we could afford it.  

Make sure you put everything down, including rings and honeymoon, then trim back to meet what you have.  I would definately say don't go into debt, the day is about you and not what type of chair covers you do or do not have
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Mrs T
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Re: Going into debt for a wedding?
Reply #10 - Jul 14th, 2009, 1:33pm
 
No way - no debt for us - I've been budgeting and saving seriously ever dollar that I can NOW rather than later - FH is doing really well too - we are on track at the moment - and will probably come back from Honeymoon with about $1500 on credit card (hopefully less) BUT NO WAY WOULD I GET A $20K LOAN FOR A WEDDING!!!! Huh
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Natny
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Re: Going into debt for a wedding?
Reply #11 - Jul 14th, 2009, 1:35pm
 
Its easy for those of us whose parents are contributing to say to save.  We got engaged in 07, so our engagement will have been just over 2 years.  We didn't want a long engagement, but we also wanted to be able to pay for the wedding (debt wasn't a question for either of us) so we put the wedding off for a year to make sure we would have enough money.  4 months out from the wedding, we have enough to pay for the entire wedding ourselves, and our parents have given us money anyway, which means we will start married life in a good financial position.
I don't see any reason to go into debt for a wedding.  If you want a big day, put it off.  If you want it NOW, make it cheaper.  Saving requires discipline
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Mrs E
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Re: Going into debt for a wedding?
Reply #12 - Jul 14th, 2009, 1:47pm
 
I know most of us have seen this before, but it just goes to show money does not equate to taste.

Click!
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Evelyn
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Re: Going into debt for a wedding?
Reply #13 - Jul 14th, 2009, 1:51pm
 
I apologise in advance if anyone takes offence for the following:

We were lucky enough that we were able to save all of our money for the wedding so that we come out of it debt free.  In saying that I realise that some people just aren't in that position.  I don't think personally I would like to rack up a big debt just for one day of food and booze.  It's a matter of living within your means, and if you can't afford it, you seriously need to think if it the right decision to be spending all that money that you don't have.
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Re: Going into debt for a wedding?
Reply #14 - Jul 14th, 2009, 1:51pm
 
I am totally against getting yourselves in debt for a single days celebrations!

I budgeted a wedding we could afford to save for all by ourselves in the 14 months we had between engagement and the wedding. As it turns out our families are contributing but that just means there will be some money to put on a house too. I am not making it bigger because we will have more money.

What is a wedding? A celebration and announcement of your love for one another for the rest of your lives... well in theory you will still feel that way in 3 or 5 or 10 years when you have saved the money to afford that celebration right? Or scale it down and have a really low budget wedding that you can afford in the time frame you have.

I know if we got ourselves in debt over our wedding I would resent everyone who came and drank too much and spent MY money lalala because 3 years later I would still be paying off their good time.. nah that's not for me.
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